Bitcoin trades around $85,700, about 32% below its previous all-time high
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On Sept. 23, 2026, BTC traded at around $85,686, about $26,400 lower than the same time last year and about $40,000 below its record high of $126,198 (Oct. 6, 2025)
Why it moves markets, and what history says
When central banks are tightening and interest rates are high, market liquidity declines, and high-risk assets such as crypto tend to underperform other markets. The picture resembles the 2022 crypto bear market.
Similar past event: The Fed starts its steepest hiking cycle in 40 years (Mar–Dec 2022)
In a rising-rate cycle the dollar is usually the winner, while assets that rely on cheap money (growth stocks, crypto) tend to struggle. When the Fed keeps signalling tightening, be careful trading against the dollar trend. See details
In a rising-rate cycle the dollar is usually the winner, while assets that rely on cheap money (growth stocks, crypto) tend to struggle. When the Fed keeps signalling tightening, be careful trading against the dollar trend. See details
Deeper view and what to watch
What to watch: the direction of the Fed's interest rate decision at the Oct. 27–28 meeting, Spot Bitcoin ETF inflows and outflows, and the level of leverage in the futures market. The lesson from Oct. 10, 2025 is that when leverage is high, even minor bad news can cause prices to fall sharply, far beyond what fundamentals justify.